Attitudes towards Growth and Future of Limited Liability Partnership in India

Aman Mishra

Abstract


      Limited Liability Partnership (LLP) was a new corporate structure that combined the flexibility of a partnership and the advantages of limited liabilities of a company at a low compliance cost (Kothari, Business of Government article; part: 13). In other words, it is an alternative corporate business vehicle that provides the benefits of limited liabilities of a company, but allows its members the flexibility of organizing their internal management on the basis of a mutually arrived agreement, as is the case in a partnership firm. Owing to flexibility in its structure and operations, it would be useful for small and medium enterprises, in general, and for the enterprises in service sector, in particular (KB Chandrashekhar, 2009). Internationally, LLPs were the preferred vehicle of business, particularly for service industry or for activities involving professionals. Thus, due to its large importance in the market, it becomes important for us to analyze its scope for growth and viability in the future.




Keywords


LLP, Limited Liability, Foreign Direct Investment, Perpetual Succession, Cash Flow, GDP

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